Barclays PLC lifted its position in Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 7.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 203,363 shares of the utilities provider's stock after acquiring an additional 14,392 shares during the quarter. Barclays PLC owned approximately 0.18% of Pinnacle West Capital worth $18,014,000 at the end of the most recent reporting period.
Several other institutional investors have also recently made changes to their positions in PNW. Wealth Enhancement Advisory Services LLC grew its position in Pinnacle West Capital by 0.9% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 21,724 shares of the utilities provider's stock worth $1,659,000 after purchasing an additional 199 shares in the last quarter. Envestnet Portfolio Solutions Inc. increased its position in shares of Pinnacle West Capital by 8.7% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 5,365 shares of the utilities provider's stock valued at $410,000 after acquiring an additional 430 shares during the last quarter. Blue Trust Inc. increased its position in shares of Pinnacle West Capital by 377.9% during the second quarter. Blue Trust Inc. now owns 368 shares of the utilities provider's stock valued at $28,000 after acquiring an additional 291 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in Pinnacle West Capital by 0.9% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 36,743 shares of the utilities provider's stock worth $2,806,000 after acquiring an additional 343 shares during the period. Finally, First Horizon Advisors Inc. boosted its position in Pinnacle West Capital by 20.9% in the second quarter. First Horizon Advisors Inc. now owns 794 shares of the utilities provider's stock worth $61,000 after purchasing an additional 137 shares during the last quarter. Institutional investors own 91.51% of the company's stock.
Analyst Ratings Changes
Several equities research analysts have recently issued reports on the company. Jefferies Financial Group assumed coverage on Pinnacle West Capital in a research report on Thursday, September 19th. They set a "buy" rating and a $104.00 target price for the company. Morgan Stanley decreased their price objective on shares of Pinnacle West Capital from $82.00 to $81.00 and set an "equal weight" rating for the company in a report on Friday, November 22nd. KeyCorp upgraded shares of Pinnacle West Capital from a "sector weight" rating to an "overweight" rating and set a $101.00 target price on the stock in a research note on Wednesday, December 4th. Citigroup raised their price target on shares of Pinnacle West Capital from $85.00 to $95.00 and gave the stock a "neutral" rating in a research note on Wednesday, December 4th. Finally, Wells Fargo & Company upped their price objective on Pinnacle West Capital from $90.00 to $92.00 and gave the company an "equal weight" rating in a research note on Thursday, November 7th. Eight research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $84.65.
Check Out Our Latest Stock Analysis on PNW
Pinnacle West Capital Stock Performance
Shares of NYSE PNW traded down $1.16 during mid-day trading on Friday, hitting $87.55. The company had a trading volume of 1,008,616 shares, compared to its average volume of 1,157,588. The stock's 50-day moving average price is $89.67 and its 200-day moving average price is $85.54. The company has a market capitalization of $9.95 billion, a price-to-earnings ratio of 16.58, a P/E/G ratio of 2.10 and a beta of 0.54. The company has a current ratio of 0.71, a quick ratio of 0.54 and a debt-to-equity ratio of 1.20. Pinnacle West Capital Co. has a 1 year low of $65.20 and a 1 year high of $95.42.
Pinnacle West Capital Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Monday, March 3rd. Stockholders of record on Monday, February 3rd will be given a dividend of $0.895 per share. This represents a $3.58 annualized dividend and a dividend yield of 4.09%. The ex-dividend date of this dividend is Monday, February 3rd. Pinnacle West Capital's dividend payout ratio is presently 67.80%.
Pinnacle West Capital Company Profile
(
Free Report)
Pinnacle West Capital Corporation, through its subsidiary, provides retail and wholesale electric services primarily in the state of Arizona. The company engages in the generation, transmission, and distribution of electricity using coal, nuclear, gas, oil, and solar generating facilities. Its transmission facilities include overhead lines and underground lines; and distribution facilities consist of overhead lines and underground primary cables.
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